13th June 2012 / Nick Fletcher: Fletchers Group News Update – 13 June

Most of us enjoyed a Queen's Birthday long weekend…we hope that it was an opportunity to recharge the batteries and spend time with family and friends!

The number of auctions was low due to the holiday; therefore the clearance rate is not indicative of the state of the market. The REIV expects around 630 auctions next week, with last week's interest rate cut expected to help improve buyer confidence in the later part of the year.

The stand-out property highlight from the weekend was the auction of 39 Leslie Street, Richmond. Agent Nick Fletcher described it as a brilliant campaign, culminating in one of the most successful auctions he has been involved in for the year!

When auctioneer Brad Cooper offered the property over to the market, buyers quickly got involved with an opening bid of $500,000. It then rolled quickly over the reserve of $580,000 with bids coming from all corners! Approximately ten bidders were whittled down to three who fought it out right until the end, with the final result working out to be just over $2,700 a square metre. A tremendous outcome with very happy vendors, who were "delighted with the result"!

As mentioned last week, Season 4 of My Property TV (MPTV) premiered last night, on its new home – Channel 74 (TV4ME). Tim Fletcher appeared on the Property Panel to discuss Gen Y home ownership and Scott O'Halloran from Fletchers South Melbourne features on the suburb segment which focused on South Melbourne. Missed it? Watch it here.

Until next week!

Fletchers South Melbourne – 229 Park Street, South Melbourne